Coinbase has limited details to share on its upcoming platform, but notes in a blog post that they hope to more deeply integrate social features into the platform. “Coinbase NFT will make minting, purchasing, showcasing, and discovering NFTs easier than ever. We’re making NFTs more accessible by building intuitive interfaces that put the complexity behind the scenes. We’re adding social features that open new avenues for conversation & discovery.”
OpenSea is the dominant power in the space, but is far from the only player that Coinbase will have to compete with. Rivals like Binance and FTX have also announced recent entries into the NFT marketplace ecosystem. While many crypto investors see NFTs as just scratching the surface of their potential, Coinbase is launching much later than some of its soon-to-be competitors. Nevertheless, given Coinbase’s name recognition in the consumer crypto world, this is likely going to be a big launch.